Total corporate funding, including venture capital (VC) funding, public market, and debt financing, in 9M 2026 stood at $25.1 billion, 45% higher than the $17.3 billion raised in 9M 2025. The number of deals increased 35% YoY, with 172 deals in 9M 2026 compared to 127 deals during the same period last year.
To learn more about the report, visit: https://mercomcapital.com/product/9m-q3-2026-solar-funding-ma-report
In Q3 2026, solar corporate funding totaled $8.2 billion across 77 deals, compared to $6.5 billion across 49 deals in Q3 2025. Debt financing accounted for the largest share, with $7.2 billion raised across 36 deals. The quarter saw 31 solar corporate M&A transactions, compared to 26 in Q3 2025, and 71 solar project acquisitions totaling 9.2 GW, compared to 60 acquisitions totaling 9.1 GW in the same period last year.
“Solar corporate funding increased sharply in the first nine months of 2026, driven largely by debt financing. Public-market fundraising also improved, while both corporate M&A and solar project acquisitions increased as companies expanded their portfolios, recycled capital, and consolidated their operations. Despite the higher activity, financing conditions remained challenging. Changes in U.S. tax policies, trade restrictions, rising equipment costs, and uncertainty over project economics complicated investment decisions. Capital remained available, but access to financing and investor appetite remained uneven across the industry,” said Raj Prabhu, CEO of Mercom Capital Group.
In 9M 2026, VC funding activity decreased 31% YoY, with $2 billion raised in 60 deals compared to the $2.9 billion raised in 55 deals in 9M 2025.
Solar downstream companies led financing activity with 39 deals worth $1.3 billion in 9M 2026.
The top VC deals in 9M 2026 were: $343 million raised by Inox Clean Energy, $180 million raised by Nexamp, $165 million raised by Clean Max Enviro Energy Solutions, $150 million raised by Amarenco, and $129 million raised by Erco.
A total of 192 VC investors have participated in solar funding in 9M 2026.
Solar public market financing in 9M 2026 came to $2.7 billion in 32 deals, up 59% YoY compared to $1.7 billion in 12 deals in 9M 2025.
Announced solar debt financing activity in 9M 2026 totaled $20.4 billion in 80 deals, up 61% compared to 9M 2025, when $12.7 billion was raised in 60 deals.
In 9M 2026, six securitization deals totaled $1.2 billion, a 61% decrease YoY compared to the $3.1 billion raised in seven deals in 9M 2025.
In 9M 2026, 88 solar corporate M&A transactions were announced compared to 76 in 9M 2025. The largest deal was by INOX Solar Americas, a U.S.-based renewable energy company backed by INOX Clean Energy, which acquired Boviet Solar Technology’s U.S. subsidiary, Boviet Solar Technology (North Carolina), for approximately $750 million.
In 9M 2026, 205 project acquisitions totaling 34.4 GW were recorded compared to 166 project acquisitions totaling 29 GW in 9M 2025.
Project developers and independent power producers (IPPs) were the most active acquirers of solar projects in Q3 2026, picking up 6.7 GW, followed by Investment firms with 1.2 GW. Other buyers, including distributors, engineering, and construction companies, acquired 852 MW, while utilities acquired 362 MW of projects.
There are 528 companies and investors covered in this report. It is 77 pages long and contains 68 charts and tables.
To learn more about the report, visit: https://mercomcapital.com/product/9m-q3-2026-solar-funding-ma-report
